Bookmakers are offering odds on two Midland MPs becoming leader of the Conservative party after the next election.

Both Caroline Spelman (Meriden) and Julie Kirkbride (Bromsgrove) are potential candidates for Michael Howard's job, according to Ladbrokes.

But the clear favourite is David Davis, the Shadow Home Secretary whose closest political ally is Sutton Coldfield MP Andrew Mitchell.

Ladbrokes was offering odds of 10/1 on the Conservatives winning the election yesterday - and revealed that one punter had placed a £10,000 bet on a Tory victory.

But if Labour wins a third term in office with a substantial majority, the Conservatives are likely to choose a new leader.

Mrs Spelman, who has enjoyed a high profile during the campaign as the party's local government spokesman, is at 28/1. Julie Kirkbride, who has represented the Conservative view on Rover and other industry matters, is an outsider at 40/1.

However, this makes her more likely to become leader than Boris Johnson, the high profile former arts spokesman. Ladbrokes is offering odds of 66/1 on him.

The prospect of former leader William Hague making a comeback is seen as more likely, with odds of 20/1 that he will return to the helm of the party.

Mr Davis is the favourite, with Ladbrokes offering odds of 5/2.

The second most likely candidate is seen as Liam Fox, the party chairman, at 6/1.

But it is not only the Conservative leadership that is coming under the spotlight.

Ladbrokes is taking bets at 6/1 that Tony Blair will no longer be Labour leader by the end of the year.